Making HDHPs Work for Working People | Clarity

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Ready For Life HSA Administration

HDHPs are known to cause workers to neglect, delay, and avoid care. Since this results in absenteeism and lost productivity, look for ways to protect employers offering an HDHP. The right HSA will encourage workers to take care of themselves, and help employers minimize the impact of neglected care on their bottom line. Stand out with a revolutionary product that gets clients’ attention. 

Introducing the Ready for Life HSA

Making high deductible health plans work for your clients and their employees is more important than ever. Fortunately, making them work is now easier than ever! The Ready For Life HSA is, arguably, the best way to make high deductible plans work for your clients and their employees. 
 

What is the Ready for Life HSA?

In a sea of benefit administration solutions, the Ready For Life HSA stands out. Here’s what it does: 

Ready For Life HSA bridges the gap between high deductibles and low HSA balances by offering a built-in payroll advance—when life happens, employees are eligible to receive an interest-free advance to cover unexpected medical expenses. They then pay it back through manageable payroll deductions. Employees gain protection and relief. Employers maintain a productive and healthy workplace. 

We’re very excited about the Ready For Life HSA, and so are other brokers and employers. Here’s what they’re saying about the Ready For Life HSA:

“This is a good tool for companies transitioning to high-deductible plans.”

“I think this could increase participation in health savings accounts.”

“Not feeling trapped—that would be a huge benefit for our workers.”

Among the many employee benefit solutions offered on the market today, the Ready For Life HSA will have one of the most positive impacts. It will also be among the most widely received— over 83% of the employees we surveyed had a positive or strongly positive reaction to the idea of an HSA with a built-in payroll advance. 

Using the Ready for Life HSA is Easy

How does the Ready For Life HSA work? It’s simple. 

Step 1. Your client establishes a payroll advance program for HSA participants. They decide which employees are eligible, how much they want to advance, the terms of the payback, and how they want to handle terminated employees with a balance.

Step 2. Their employee incurs a medical expense but hasn’t met their deductible and doesn’t have enough cash to cover it. 

Step 3. The program delivers an instant, interest-free cash advance to the employee. 

Step 4. The employee gets the care they need, then pays for the medical expense without incurring credit card debt or depleting their checking account.

Step 5. The program creates a paycheck deduction.

Step 6. Their employee pays back the advance in a small manageable deductions. Meanwhile, your client minimizes their costs by reducing absenteeism and maintaining high employee productivity.  

The Stats

Well most clients will be aware of some of the problems associated with high deductibles and HSAs, some may not. In these cases, it’s prudent to educate. 

Here are a few statistics that may be helpful when discussing some of the issues associated with high deductible health plans and their HSAs:
•    The average HDHP deductible for single coverage in 2016 was $1,4781
•    69% of Americans have $1,000 or less in their checking account2
•    60% of Americans do not have enough money in their savings account to cover unexpected health costs3
•    It takes time for HSA funds to grow, so the initial post-enrollment years are a vulnerable time 

These statistics tell us there’s a gap between the amount of money employees have available to cover healthcare expenses and their deductible. This means that an unexpected healthcare cost could easily cause employees to go into debt. That debt negatively affects employers and their bottom line. 

Financial stress felt in an employee’s personal life comes to work with them. 46% of employees report spending three or more hours at work stressing over financial issues in their personal life.4  The result? Lost productivity and a stress-infused workplace culture. 

Build Peace of Mind

Rising healthcare costs are driving employers to adopt high deductible health plans. As many as 84% of large employers offer a HDHP and over one-third of them only offer an HDHP.5  Though HDHPs can be paired with a health savings account, many employers will still face challenges with employees who are unprepared to cover certain healthcare costs. Get your client’s attention— show them how to bridge the gap between high deductibles and low HSA balances with a revolutionary new product, the Ready For Life HSA. The Ready For Life HSA includes all the benefits of a standard HSA and offers brokers a way to help clients and their employees make the transition to HDHPs. Build peace of mind and connect your client to The Ready For Life HSA today.

1.    http://www.kff.org/report-section/ehbs-2016-summary-of-findings/
2.    https://www.gobankingrates.com/saving-money/data-americans-savings/
3.    http://wwww.bankrate.com/finance/consumer-index/money-pulse-0117.aspx
4.    https://www.pwc.com/us/en/press-releases/2016/pwc-financial-wellness-survey-press-release.html
5.    https://www.cnbc.com/2016/08/11/expect-your-health-insurance-costs-to-rise-in-2017.html